Looking for reliable back-end support to boost your factoring business? It would help to team up with an expert with a strong understanding of the factoring business. In us, you have a knowledgeable, responsive, and reliable factoring support service partner.Get a Quote
As a specialized invoice factoring support service provider, we assist factoring companies in making the right decisions in financing their clients. We have assisted several businesses (logistics, trucking, pawn brokers, etc.) with specialized factoring services like Invoice audit/validation, load verification (voice), fuel advance processing, pre and post purchase verification, etc.
We are driven by a knowledgeable team with a deep understanding of industry trends, best practices, and potential pitfalls. As a result, critical tasks like doc validation, doc verification, auditing, and payment posting are accomplished with accuracy. Our well-defined factoring service workflows run on secure and reliable platforms. In addition, we closely monitor our team's performance and keep training them on current regulations. All these together have enabled us to provide quality services consistently and catapulted us as an expert invoice factoring service provider.
As an established player within the factoring support space, we have been delivering comprehensive back-end support services since 2000 to companies in the US and European markets. Our clientele includes factoring companies specializing in supporting trucking, logistics, freight forwarders, insurance, payroll, pawn, equipment manufactures, and more. We offer an expert team, cutting-edge technology, and unparalleled customer service, to develop and deliver custom solutions for your unique needs.
Finance & Accounting Professionals
Value of Invoice
Invensis' auditing and taxation services assisted us in effecting significant changes in the business's focus and nature. They have always provided us with a comprehensive and top-rated service, allowing us to meet deadlines internally and externally.
Invensis has helped us obtain business-critical data on our Accounts Receivable processes. This helped us make good cash flow decisions, motivate our teams, and maintain our focus on profit maximization.
Invensis has been an outstanding business partner for over four years. Our Accounts Payable workflow has generated daily volumes of invoices to be processed, and Outsourced Bookkeeping handles the volume precisely. As a result, it's fantastic to arrive at work every day without any backlog.
Factoring is a popular financing technique that involves the sale of accounts receivables to a third-party factor in exchange for immediate cash. Factoring support services can provide back-end support to factoring companies or businesses that offer factoring services.
Here are some benefits of factoring support services for back-end support:
Invoice factoring support services can help businesses or factoring companies efficiently process invoices. By outsourcing the invoice processing function to a third-party service provider, businesses or factoring companies can free up valuable time and resources that can be utilized to focus on core activities.
Outsourcing invoice factoring support services can help businesses or factoring companies streamline the collections process. Third-party service providers can take over the collections process, freeing up valuable resources and ensuring that payments are collected promptly and efficiently.
Factoring support services can help businesses or factoring companies improve their cash flow management. By outsourcing the collections process, businesses or factoring companies can access immediate cash flow, which can be used to support their operations and growth plans.
Factoring support services can help businesses or factoring companies reduce their risk of bad debts. By outsourcing the credit checking function to a third-party service provider, businesses or factoring companies can gain valuable insights into the creditworthiness of their customers, reducing the risk of non-payment.
Invoice factoring support services provider can help businesses or factoring companies enhance their customer relationships. By outsourcing the collections process to a third-party service provider, businesses or factoring companies can maintain positive relationships with their customers without the need to chase payments.
Invoice factoring support company can help businesses or factoring companies scale their operations. By outsourcing the collections process and accessing immediate cash flow, businesses or factoring companies can fund their growth plans and take advantage of new opportunities.
Factoring is a financial service where a business sells its accounts receivable to a third-party, known as a factor, at a discount. This provides immediate cash flow to the business and allows them to focus on growth and expansion. As factoring continues to gain popularity, factoring companies are seeking ways to streamline their processes and offer better services to their clients. In recent years, there have been several trends in back-end support services for factoring companies, which we will explore in this article.
One of the most significant challenges for factoring companies is processing a large volume of invoices quickly and accurately. Many factoring companies have turned to automated invoice processing to streamline their operations. Automated invoice processing uses machine learning algorithms to extract data from invoices and validate it against existing databases. This not only reduces errors but also saves time and improves efficiency.
Another trend in invoice factoring support services is the use of online account management systems. This allows businesses to manage their accounts receivable and track payments in real-time. Additionally, it allows factoring companies to provide better customer support, such as resolving disputes and answering questions quickly.
Factoring companies often deal with high-risk businesses or those with poor credit scores. To minimize the risk of defaults, factoring companies are increasingly using risk assessment tools. These tools analyze various factors, such as credit scores, payment history, and industry trends, to determine the likelihood of a business defaulting on its accounts receivable. By using these tools, factoring companies can make better-informed decisions about which invoices to purchase.
Many businesses use accounting software to manage their finances. Factoring companies are now integrating their services with popular accounting software such as QuickBooks, Xero, and Sage. This integration allows businesses to easily sell their accounts receivable without having to leave their accounting software. Additionally, it allows factoring companies to receive invoices automatically and process them quickly.
Real-time reporting is another trend in factoring support services. By providing businesses with real-time reports on their accounts receivable, factoring companies can offer better transparency and visibility. Additionally, it allows businesses to make informed decisions about their finances and plan for the future.
Trends and techniques in accounting are always changing, especially as new technologies emerge. SAGE has found that 90% of accountants think accounting is going through a cultural shift that favors technology.
Read More ->
You can reach us at: